Great. So America is getting fleeced and we are shipping our 30% of the money
off to Italy.That should be illegal.Can someone please
put a stop to this?
Red, the question is not "can" someone put a stop to it. The question
is actually "will" anyone put a stop to it?There are
enormous piles of good ol' MONEY involved and a lot of that money is used
to buy off lawmakers to ensure that they won't try to stop the scams.One good thing about Utah is that we haven't fallen for the myth
that lotteries are good things -- yet.
I've said it before, i'll say it again:Prize-linked
It is ironic that states use a "stupid tax" to fund education. As was
pointed out in the article, the proceeds don't go much for education and
are typically paid by the poor.If you want to see a failed education
system, look at the states and areas with the lottery.
"we are shipping our 30% of the money off to Italy."I do not
know how much the Italian company gets. This article only stated that "a portion of the money goes to an Italian-based company..."
@Red The article made no mention of 30% going to Lottomatica (The Italian based
company mentioned in the article). Lottomatica bought out their American
competitor Gtech in 2006. Lottomatica's revenue is slightly under 3 billion
Euros across all of their holdings, so there is little data to suggest that
their cut is 30%, if it were, their revenues would be much larger.
72 percent does not go to schools. That means 28 percent does go to schools.
Yesterday's $500 million powerball, therefore, generated $140 million for
schools that they would not otherwise have. If Utah got 1/50 th of that money
that would be almost $3 million given voluntarily.
"If Utah got 1/50th of that money that would be almost $3 million given
voluntarily."I highly doubt the proportion would be 1/50th. It
could possibly approach 1/100th, but even that is doubtful. And
wishing for that 1.4 million more to throw blindly at educational issues is to
ignore the unintended consequences a lottery imposes on the state economy.
Lotteries do not exist in a vacuum.
Taxes it is reported that have not gone down in any states with lotteries in
spite of promises made to that effect when lottery approval was being sought.
"If you're justifying your Powerball ticket purchases by assuming the
profits go to a good cause, think again"I doubt anyone buying a
lottery ticket is thinking it's going to any good cause other than their
To "GZE" lets get this right. There was around 200 million tickets
sold, at $2 each, that means that $400 million was collected in lottery tickets,
so that $140 million could go to schools? Basically, you are advocating giving
millions of dollars to a private company so that schools can get just 35% of all
of the money collected?Would you advocate paying $6 for a tax, and
have $4 go to a private company and only $2 go to the government?
Old man,I cannot beleive it, but I "liked" your comment.let's remember this milestone date!let those who support
lotteries as educational support go every week to the local school and give them
the $5 you would have spent on lottery tickets.
Romney, and others, spent years building their wealth, and was criticized for it
during the campaign. Our president would call it unfair, and would increase
their taxes.Now someone gets wealth for doing nothing, and is
cheered.I don't get it.
@redshirt. It is not better to give your money voluntarily to a company and some
of it is used for education? Rather being forced through taxation?
To "Shaun" the problem is the people who are buying the lottery tickets.
They are the people who can least afford them. It is a highly regressive tax
that only hurts the people that they are trying to help.Would
anybody be in favor of creating an "education" tax where the poor paid
90% of the tax and the middle and upper class paid 10%?That is the
effect of lotteries. The poor pay the tax, and the end results are rarely good
for the winner. The wealthy benefit from the tax because some of the lotteries
go for scholarships to college.